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Telewest Sells Stake in Britain’s SMG as Overhaul Continues

News, 08 November 2002

Britain’s number two cable operator Telewest has offloaded its stake in Scottish media group SMG as it continues its ambitious restructuring scheme.

The US-owned firm used the proceeds to pay off a £27 million ($42m; €42m) loan, guaranteed by the 17% SMG holding, from Toronto Dominion Bank. This leaves Telewest with around £18m from the sale.

The debt-beset cable company has disposed of over £37m of peripheral assets in recent months as it scrambles to generate cash.

It is currently close to securing a huge debt-for-equity swap to wipe out £3.5 billion of bonds, with an agreement expected in the next week.

Data sourced from: Financial Times; additional content by WARC staff